IDBI Bank is Now a Private Sector Bank

Hello and welcome to exampundit. LIC recently Acquired 51% stake in IDBI Bank. So, now in a major update, RBI has re-categorized IDBI Bank as Private Sector Bank.

IDBI Bank is Now a Private Sector Bank!

In the Notice, RBI said

IDBI Bank Limited has been categorized as a ‘Private Sector Bank’ for regulatory purposes by Reserve Bank of India with effect from January 21, 2019 consequent upon Life Insurance Corporation of India acquiring 51% of the total paid-up equity share capital of the bank.

You can check the official notification from here.

So, what is your opinion? Let us know in the comments!

 

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Team Exampundit

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